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Home Sales Steady in Middle Tennessee Through Third Quarter

NASHVILLE, Tenn. (Oct. 6, 2016) – There were 3,474 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 0.8 percent from the 3,444 closings reported for the same period last year.
Third quarter numbers experienced a 1.2 percent decrease from 2015 with 10,920 closings reported, compared to last year’s third quarter closings of 11,046.

Year-to-date closings for the Greater Nashville area are 29,372. That total is up 3.9 percent from the 28,252 closings reported through the third quarter of 2015.

“The monthly, quarterly and year-to-date numbers are actually very similar, despite only two of the three showing an increase,” said GNAR President Denise Creswell. “Year-over-year sales for the month and the quarter are essentially flat, which is to be expected this time of year. Our region’s ability to remain stable given the inventory shortage is a strong indication of the healthy market we have.”

“Through the third quarter each county in our reporting area has experienced an increase in median sales price. Eight of the nine counties increased in sales, also,” said Creswell. “Pending sales are solid going into the last quarter of the season indicating we should finish the year well. It’s apparent investing in homeownership is still a priority for the residents of Middle Tennessee.”

A comparison of sales by category for the month of September is:

September 2015

September 2016

CLOSINGS

3,444

3,474

Residential

2,839

2,882

Condominium

408

390

Multi-Family

21

27

Farms/Land/Lots

176

175

A comparison of sales by category for the third quarter is:

Q3 2015

Q3 2016

CLOSINGS

11, 046

10,920

Residential

9,236

9,145

Condominium

1,253

1,215

Multi-Family

78

70

Farms/Land/Lots

479

490

A comparison of sales by category year-to-date is:

YTD 2015

YTD 2016

CLOSINGS

28,252

29,372

Residential

23,359

24,389

Condominium

3,217

3,284

Multi-Family

202

213

Farms/Land/Lots

1,474

1,486

There were 3,577 sales pending at the end of September, compared with 3,244 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days, compared with 56 days for September 2015.

The median residential price for a single-family home during September was $256,900, and for a condominium, it was $188,495. This compares with last year’s median residential and condominium prices of $236,866 and $171,325, respectively.

Inventory at the end of September was 11,886, down from 13,141 in September 2015. The current inventory of properties by category, compared to last year, is:

September 2015

September 2016

INVENTORY

13,141

11,886

Residential

8,729

8,015

Condominium

889

785

Multi-Family

120

98

Farms/Land/Lots

3,403

2,988

“Despite a small decline in sales, buyers and sellers remain in the marketplace,” said Creswell. “Sellers should remember they are responsible for putting the best property on the market, even in light of fewer homes for sale. They can’t take for granted that a potential buyer will act on any property simply to make a purchase, despite the property’s condition.

“For buyers, Realtors can’t stress enough how important it is to be pre-approved and ready to act. That has been true all year, and as inventory conditions tighten this fall, it’s critical. Those properties that are well-maintained and property marketed and priced will enter and exit the market rapidly.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors® and subscribe to its strict code of ethics.